Tag: business growth strategy

When you first set up a small business, you tend to get stuck in a certain set of ways that you find effective in getting your startup off the ground and your business up and running. However, it’s extremely important to acknowledge that certain aspects of your business and its plan are going to have to change as your business begins to experience success and expand. If you stick with old habits, your company can suffer. Instead, you need to constantly assess what your company requires of you for constant progression and cater to its needs. This will help you to continue experiencing success, rather than peaking early on and then plummeting back down to the ground. Here are just a couple of different areas that you should reassess when your business starts taking off!

Marketing

You will have to engage with marketing from the moment you launch your first product. It is the process that helps the consumer market to be aware of your product and that also helps to encourage the consumer market to spend their disposable income with you rather than with competitors or anyone else. However, as you grow, you’re going to have to take a look at 3 growth hacks for content marketers. The more interest you raise, the more you have to keep on the ball with boosting the perception of what you have to offer. This will create a snowball effect that makes your brand a better known name. Interest gathers interest!

Staffing

First time small business owners tend to take on the majority of the work associated with their start up on their own. They generally take responsibility over almost every single aspect of their company’s set up and launch – whether this entails coming up with a unique and innovative product concept, choosing an appropriate name for their brand, creating an appealing brand aesthetic, or taking out copyright to protect all of this intellectual property. When they require work that they don’t quite understand to be completed, they may then decide to outsource some aspects of your work to freelance individuals or agencies. They will use these other individuals’ skills to manufacture their products, package products, conduct market research, design and set a website up, or various other tasks. If this sounds familiar to you, you’ll find that this could work well for a little while. But when your business really starts to take off and you start to become a renowned or recognizable brand, you are going to receive more exposure, generate more sales, and ultimately struggle if you attempt to continue to carry out all of your work alone. This is generally when you should start seriously considering taking on full or part time permanent staff members. If you fail to do so, you are highly likely to find yourself in one of two situations. The first situation is that you will become overwhelmed with the seemingly endless list of administrative tasks required to keep your company afloat. This will take up a huge bulk of your time and when you’re focusing on keeping your company afloat, you won’t be focussing on moving it forward. This will result in you falling behind when it comes to more progressive areas of your business, such as developing new ranges of products and marketing campaigns. The consumer market will quickly become tired of your current range and take their business elsewhere. The second option is that you will manage to focus on the more progressive aspects of your business, but you will then inevitably fall behind with administrative tasks. You’ll begin to have difficulty replying to customer enquiries or concerns, which could lose you sales and result in a tarnished reputation. You may also fall behind on actually packaging and delivering customer products – again, resulting in lost sales (as customers are likely to cancel their outstanding orders). As you can see, you will begin to have to take on staff and effective staffing is another aspect of your business that will need to change as you experience increased amounts of success

These are just two different areas that will inevitably need to change as your business starts to grow and expand. Change can be extremely positive, so it’s important to embrace it and work it to your company’s benefit!

Growth is the continuous objective for any business. You can’t stand still in such a competitive industry. If you want to succeed then constant reinvention is necessary. That doesn’t mean you need to let go of everything, of course; customers expect some sort of consistency in terms of your branding and the products you release. However, you do still need to find new ways to stay ahead of the competition. You need to find new gaps in the market so that you can continue to climb the ranks in your industry. If you want to make your business into something more then here are a few ideas.

Be more efficient.

Take a look at your workplace. You might have hired some professional people, but it’s not enough for them to be highly skilled at what they do. Every competing business in your industry can most likely say the same thing about their workforce. How are you going to stand out? Well, you have to push your employees to be more productive and efficient than the competition. You need to incentivize your workers to achieve more. Show them that you’ll recognize their efforts if they go the extra mile.

For example, an early finish to the work day or a bonus at the end of the week could really give your members of staff a reason to improve their work ethic. They’ll be much more productive and efficient if they know that they’ll be praised and rewarded for doing so. You could also help their productivity levels by looking into a virtual assistant to free up some of their time. You should check out the cheapest 1300 numbers provider for help in that regard. If your employees don’t have to worry about administrative work then it’ll really help your business’ overall efficiency and productivity levels.

Invest.

A capital investment strategy might be a scary thing, but your business’ failure to grow would be scarier. You might be hesitant to eat into your profit margins and start spending that money, but the cliché is true: you have to spend money to make money. You need to invest in bigger premises, more workers, and better resources if you want your business to grow into something more. As mentioned in the introduction, you can’t stand still if you want to make it in the business world. Start making a plan for a portion of your profits on a monthly basis. Take a look at areas of the business that could use improvement. You could even look at ways to save money (e.g. reducing paper usage and energy consumption) so as to have more available money to invest. You just have to make sure that you manage margin erosion; if you’re spending money in the wrong places then you need to fix that. In turn, you’ll have more available money for investments that will expand your company.

Impress clients.

Finally, the best way to make your business into something more is to leave a lasting impression on clients. You’re trying to build your brand reputation, at the end of the day, so you need to make an impact on people. Rather than simply delivering a high-quality of product or service to a customer, think of ways to really surprise them. An email thanking them for choosing your business is a good place to start. You could go one step further by giving them a discount code so that they return to your business again. Show clients that you value them, and they’ll value your business, in return.